Human Action: A Treatise on Economics

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XXVI. The Impossibility of Economic Calculation Under Socialism

  • Human Action

Tags Austrian Economics OverviewOther Schools of ThoughtPhilosophy and Methodology

10/07/2009Ludwig von Mises

Pages 694-711. Narrated by Jeff Riggenbach.

Author:

Ludwig von Mises

Ludwig von Mises was the acknowledged leader of the Austrian school of economic thought, a prodigious originator in economic theory, and a prolific author. Mises's writings and lectures encompassed economic theory, history, epistemology, government, and political philosophy. His contributions to economic theory include important clarifications on the quantity theory of money, the theory of the trade cycle, the integration of monetary theory with economic theory in general, and a demonstration that socialism must fail because it cannot solve the problem of economic calculation. Mises was the first scholar to recognize that economics is part of a larger science in human action, a science that he called praxeology.

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